CA Intermediate Exam > CA Intermediate Videos > Taxation for CA Intermediate > Aggregation of Income, Set-Off and Carry Forward of Losses
Aggregation of Income, Set-Off and Carry Forward of Losses Video Lecture | Taxation for CA Intermediate
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42 videos|98 docs|12 tests
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FAQs on Aggregation of Income, Set-Off and Carry Forward of Losses Video Lecture - Taxation for CA Intermediate
| 1. What is the concept of aggregation of income in income tax? |  |
Ans. Aggregation of income refers to the process of combining various sources of income for an individual or entity to determine the total taxable income. According to the Income Tax Act, all incomes earned by a taxpayer, whether from salary, business, capital gains, or other sources, are aggregated to compute the total taxable income. This helps in applying the appropriate tax rates and determining the tax liability.
| 2. How does set-off of losses work in income tax? | |
Ans. Set-off of losses allows taxpayers to deduct their losses from one source of income against profits from another source in the same financial year. For example, if an individual has a loss from business income, they can set it off against their salary income. The Income Tax Act specifies different rules for set-off, depending on the nature of the loss, such as whether it is a short-term capital loss or a business loss.
| 3. What are the rules for carrying forward of losses in income tax? | |
Ans. Carry forward of losses allows taxpayers to offset certain types of losses against future income. According to the Income Tax Act, specific losses can be carried forward for a maximum of eight assessment years. For instance, business losses can be carried forward to be set off against business income in subsequent years, while capital losses can be carried forward to set off against capital gains.
| 4. Can a taxpayer set off losses from one head of income against another head of income? | |
Ans. Yes, a taxpayer can set off losses from one head of income against another, subject to the provisions laid down in the Income Tax Act. For example, if an individual has a loss from house property, they can set it off against income from salary or business. However, certain restrictions apply, and not all losses can be set off against every head of income.
| 5. What are the restrictions on carrying forward losses for individuals and businesses? | |
Ans. The restrictions on carrying forward losses include conditions such as filing the tax return on time and ensuring that the loss is from a source that allows carry forward. For example, business losses can be carried forward only if the business is continued in subsequent years. Additionally, capital losses can only be carried forward to set off against capital gains, and there are specific rules for each type of loss as outlined in the Income Tax Act.
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Dec 19, 2024 Last updated |
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